Question: Which of the following is considered the first step of the strategic brand management process?
A Measuring consumer brand loyalty
B Identifying and establishing brand positioning
C Measuring and interpreting brand performance
D Growing and sustaining brand value
Answer: Identifying and establishing brand positioning
| Steps of the strategic brand management process | Description | |
| 1 | Identifying and establishing brand positioning | Determine the unique value and position your brand will occupy in the minds of consumers within the target market. |
| 2 | Assessing and understanding the target market | Analyze your target audience, their needs, preferences and behaviors. |
| 3 | Developing and communicating brand identity | Create a consistent brand identity, encompassing the brand name, logo, tagline and other visual and verbal elements. |
| 4 | Building brand awareness | Implement marketing strategies to increase the visibility of your brand among the target audience through advertising, content marketing and social media campaigns. |
| 5 | Managing and delivering brand experience | Ensure that the brand consistently delivers on its promises and provides a positive experience to consumers. |
| 6 | Measuring and interpreting brand performance | Use various metrics to evaluate how well the brand is performing, including market share, customer satisfaction and financial indicators. |
| 7 | Growing and sustaining brand value | Continually work on enhancing the brand’s value and maintain the brand’s relevance and competitiveness. |
| 8 | Monitoring and adapting to market changes | Keep a close watch on market trends, consumer behavior, and competitive landscape and be prepared to adjust brand strategies to remain competitive. |